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  • Aave protocol is a decentralized, open-source, and non-custodial money market protocol.
  • Depositors earn interest by providing liquidity to lending pools, while borrowers can obtain overcollateralized loans by using the liquidity from these pools.
  • Similar to other DeFi platforms (e.g., Compound, Fulcrum), deposits are tokenized as aTokens, which accrue interest in real-time. Aave Protocol supports more than 15 different assets, with a large selection of stablecoins.
  • AAVE tokens are used for fee reductions and will also be used for governance rights at the protocol level for future smart-contract updates. AAVE tokens are also burnt from the fees collected from the Aave Protocol.
  • Since January 2020, Aave protocol also offers undercollateralized solutions: flash loans allow developers to borrow instantly and easily without any collateral.